Stocks are on track for a lower open Friday after two straight days of declines for the major indexes amid worries over inflation and how long the Iran war will last; oil prices are down slightly after a volatile session yesterday; FedEx stock is surging after the shipping giant beat estimates and lifted its outlook in its latest quarterly report; Super Micro Computer stock is tumbling after a co-founder was indicted for circumventing export restrictions to sell banned Nvidia chips to Chinese customers; and shares of Nexstar and Tegna are rising on news that their merger received federal approval. Here's what you need to know today.

Stock futures are moving lower this morning, on track for a third straight day of declines to close out the week. Futures tied to the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq were recently down 0.3%, 0.4% and 0.5%, respectively. The major indexes declined Thursday as investors assessed the latest developments in Iran, including strikes on energy production facilities that led to a volatile session for oil prices. Crude oil prices are down slightly today (more on that below). Gold futures were up more than 1% to around $4,700 an ounce after tumbling yesterday to their lowest point in two months amid worries about inflation and high interest rates. The 10-year Treasury yield was at 4.30%, up from 4.28% at yesterday's close and near a two-month high, while bitcoin was little changed at just over $70,000.

Crude oil prices are down slightly after a wild session yesterday in which the commodity soared early in the day before giving back those gains and finishing the session lower. Brent crude futures, the global benchmark, were down about 1.5% recently at $107 per barrel, while West Texas Intermediate futures, the U.S. standard, fell 1%, to around $95. The moves come amid reports of another day of strikes by Israel on Iran's capital city of Tehran, along with retaliatory strikes from Iran on several oil and gas facilities across the Middle East. Israeli Prime Minister Benjamin Netanyahu said Thursday that Iran no longer has the ability to make ballistic missiles or enrich uranium, a pair of key objectives for the Trump administration, but it remains uncertain how long the war will last.

FedEx (FDX) shares are soaring Friday morning after the shipping giant posted a better-than-expected earnings report for its fiscal third quarter. FedEx said after Thursday's closing bell that it earned an adjusted $5.25 per share on $24 billion in revenue in the quarter, each above the analyst consensus compiled by Visible Alpha. The company also lifted its outlook for revenue growth and profits for the full fiscal year, and said its planned spin-off of its Freight business remains on track to happen by June 1. FedEx shares were up 7% in recent premarket trading, poised to open not far from the record high the stock set last month.

Shares of Super Micro Computer (SMCI) are plummeting Friday after the Department of Justice unsealed an indictment late Thursday of three men: the server maker's co-founder Yih-Shyan "Wally" Liaw, along with a Super Micro employee and contractor. The DOJ alleges that the three conspired to violate export restrictions by selling servers containing billions of dollars worth of restricted Nvidia (NVDA) chips to several customers in China. Super Micro said in a statement that the actions described in the indictment violate the company's policies, and said it has cooperated with the investigation while placing the two indicted employees on leave and cutting ties with the contractor. Shares of the server maker were down 25% recently, at their lowest level since late 2024.

A pair of local TV giants are on the rise this morning, with shares of Nexstar Media Group (NXST) and Tegna (TGNA) gaining after Nexstar said Thursday night that the companies' $6 billion merger has closed after receiving approval from the DOJ and Federal Communications Commission. The approval comes less than a day after a group of eight states filed a lawsuit against the two companies looking to block the merger on the grounds that the combined company would be too large, and hurt competition for consumers. Combined, the companies could reach about 80% of homes in the U.S. through their 265 local TV stations across 44 states, per the lawsuit. Nexstar shares were up more than 1% recently, while Tegna, the smaller of the two firms, saw its stock jump 9% ahead of the opening bell.

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